Since it is double counting the balance, the system is pushing me over the $750k limit and not allowing all mortgage interest paid. The refinanced loan was just for the existing balance (i.e., no money out). I'm assuming that I'm answering the questions wrong but finding it confusing as to what is considered a refinance versus original loan.
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Some TurboTax customers are experiencing an issue with their Home Mortgage Average Balance. This can cause in the the Home Mortgage Interest to be incorrectly limited.
If you're experiencing the issue above, please go here to receive email notifications when any updates related to this issue become available.
Some TurboTax customers are experiencing an issue with their Home Mortgage Average Balance. This can cause in the the Home Mortgage Interest to be incorrectly limited.
If you're experiencing the issue above, please go here to receive email notifications when any updates related to this issue become available.
@DaveF1006 do you know when this is expected to be resolved by TT, seems to be impacting quite a few customers. Any ETA would be appreciated as this is the only thing holding me up from filing my taxes.
Since you have multiple 1098's the issue is that you will have to clear the balance due from the old mortgage.
Try the following:
@JohnB5677 This doesn't work. I have three 1098s as I refinanced my mortgage twice this year. None of my mortgage amounts were over 500k but when I enter all of these into TT Online, I am not receiving the full interested deduction. I noticed the new table that was added to put in when your mortgage was paid off and the final payment amount but that still doesn't work. The only thing that seems to do the trick is clearing out Box 2 value on the 1098 but I am concerned as I would not be entering exactly what is on the 1098.
Some TurboTax customers are experiencing an issue with their Home Mortgage Average Balance. This can cause in the the Home Mortgage Interest to be incorrectly limited.
If you're experiencing the issue above, please go here to receive email notifications when any updates related to this issue become available.
@DaveF1006 I already did that, I was just wondering if there is an ETA for this issue as it is the only thing holding me up from filing my taxes.
We have no ETA at this time but we will promise to notify you once we do.
Here is a trick if your balance never went over the maximum ... then all that entering of all the separate forms is not needed ... it is for your use ONLY and since the IRS only gets one amount on the Sch A ... you can just enter the information ONCE by simply tally up all the mortgage interest onto that one form entry. Problem solved.
@DaveF1006 @JohnB5677 can you confirm what @Critter-3 has posted, that the IRS never actually receives the mortgage balance/origination data but only the deduction amount on the Schedule A.
They get the data from the form issuer not the taxpayer. All the messy entering in the program is simply to apply the limits ... so if you know you are below the limits you can bypass all the foolishness. LOOK at the Sch A ... note they ONLY get a total on line 8a.
My question is why is TurboTax sending me 5 emails a day to complete my taxes and not proactively indicating that it has flawed logic and can't accurately complete my returns? I wasted hours yesterday messing with the 1098s assuming that the poorly worded interview questions were resulting in a problem, not a technical issue with the software. Agree an ETA would be nice...
Yep just looked but you would think given how many people refinanced multiple times in 2020, TT would have had this tested and working properly or at least had the issue resolved when users first started reporting the issue, this seems to be a carry over from last year also. Kind of disappointing as isnt this what we are paying them for???
Totally agree Jason, I have messed around with this for way too long, went over to TaxAct and they had no issue at all but given I have always use TurboTax was trying to avoid carry over issues.
I refinanced 2 mortgages (my home and my 2nd home both no cash out). TT is limiting the amount of interest which is preventing me from itemizing and forcing me into the standard deduction. My total mortgage debt was under $575.000 before and after the refis and I took no cash out. I have wasted several hours trying to see if I was filling the forms out incorrectly. The worksheets ask questions that are not addressed Easy Steps. Maybe they don't have to be answered in all cases but it is hard to do your taxes if TT can't even do your itemized deductions!!
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